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, not so much. bill: some of these warnings now the national debt is nearing dangerous levels. steven moore is here with the "wall street journal." what does it mean that the warnings are there, steve. >> the amazing thing about this debt. i was thinking when i first came to washington which was in the early 1980s, the debt level was about $2.5 trillion. now we are at 16.2 trillion. by the way every president goods back to dwight eisenhower has promised that they will balance the budget and the debt keeps getting bigger and bigger. the real tragedy is that over the last five years the debt has increased by almost $6 trillion. that is more money than was borrowed from 1776 through the year 1976. bill: that's ridiculous. >> it is a tragic situation. bill: what is the danger in this economically speaking for us. >> the danger is two fold. one is if you look at the budget right now and we continue on this pace of borrowing we are expected to do, trillion dollar deficits for as far as the eye can see we are looking at somewhere in the neighborhood of a trillion dollars each year bill in only ser
sustain the one-two punch is anybody's question. patti ann: joining us now is steve moore from the "wall street journal." hopefully he can give us some answers. good morning, steve. what is the most immediate impact in we go over the cliff? >> we are talking about january 2nd taxing rising on over a hundred million americans. this is a big sock to the wallet of americans of every income group. let's just talk about the middle class for a minute. for those earning about 45 to 75,000 a year they are looking at paying somewhere in the neighborhood of $2,500 a year more in taxes. it's not just the warn buffets and bill gates that will be hit by tax increases. the other part of the cliff that we don't talk that much about is the automatic spending cuts would take effect starting on january 2nd, an 8% reduction in major spending categories, national defense, many of what we call the domestic discretionary programs would also be hit. this is a big fiscal wallop to the economy and a lot of economists believe it could cause a double-dip recession. patti ann: on the other hand we are hearing from
absolutely. this is the time. i saw a commentary -- i think michael moore put out -- which was saying, please, let's back off and let these families mourn. no, that's wrong. the families need us to take action so their loved ones should not have died in vain. the se we all are hurt. i'm deeply wrund wounded by this. i'm beside myself. as i keep telling people, making service, faith, connection with people, that's going to get us through. and here now is an opportunity for all of us to gather as a community and make a difference. >> dr. drew, thanks very much for coming in. >> thanks, wolf. >> and please be sure to watch dr. drew "on call" on our sister network, hln. >>> when it comes to the fiscal cliff, president obama said should -- and i'm quoting him now, just take the deal. up next, we'll take a closer look at why the president and house speaker john boehner seem to be talking past one another. >>> and this is not a situation that i'm unwilling to compromise. this is not a situation where i'm trying to rub their face in anything. >> the president will have a decision to make. he can call
Search Results 0 to 2 of about 3